Australian oil and gas major Woodside Petroleum expects the liquefied natural gas (LNG) market to remain in oversupply for the next six years, but says a shortfall will develop by 2022.
Woodside executive VP for marketing, trading and shipping Reinhardt Matison said on Friday that new supply would have to be sanctioned from 2018 onwards to meet demand. On average, an additional 20-million tonnes a year of LNG capacity would be required.
